At 14:00 yesterday (December 9, 2020), the clear gavel sound was heard for the first time in the Suzhou International Commercial Tribunal (SICT) as it mediated its first case after its establishment.

The SICT is China's first international commercial Tribunal approved by the Supreme People's Court to be established in a local tribunal.

The tribunal heard a dispute over a loan contract between plaintiff Korea Eximbank and respondent Changshu Guangcheng Electronics Co., Ltd. In June 2011, the two parties signed a loan agreement, stipulating that the plaintiff gives the respondent a US$2 million loan from an overseas financial institution. By May 2016, the respondent had repaid a total of UA$1 million in loans, and since then failed to fulfill the loan repayment obligations as scheduled. For this reason, the plaintiff sued in tribunal and demanded the respondent repay the remaining principal of US$1 million and corresponding interest.

This collegial panel consisted of Xu Qingyu,  Secretary of Party Leadership Group and President of the Suzhou Intermediate People’s Court, Yu Shuijuan, Chief Judge of the SICT, and Cai Yanfang, Deputy Chief Judge of the SICT. Xu served as the presiding judge. During the two-hour trial, both parties presented evidence and conducted cross-examination, and fully expressed their opinions. Under the auspices of the tribunal, the two parties finally reached a mediation agreement: the respondent to pay the plaintiff US$1 million and corresponding interest in two installments.

In the trial, neither the judges nor the two parties had thick paper files in front of them. Instead, electronic screens were used. By application of electronic files with its smart trial system, the SICT has become more convenient and efficient in case trials.

"It usually takes about two years for this kind of case from filing to closing. This case started on June 24 this year, and the tribunal organized the exchange of evidence between the plaintiff and the respondent on August 5, and ended the case through mediation at the first hearing today. It took less than 6 months to conclude the case, which is a quarter of the usual case processing cycle," said Jing Yandong, an attorney representing the plaintiff from Shanghai Huali Law Firm. "From the pre-trial preparation to the trial process, I fully feel the SICT’s fairness, justice and efficiency in handling foreign-related cases."

Suzhou is a highland for China's opening up and development. At the end of 2019, Suzhou’s actual use of foreign capital amounted to US$132 billion, ranking third among large and medium-sized cities across the country. Suzhou Industrial Park, where the tribunal is located, is a demonstration base for “China-Singapore cooperation”. In recent years, Suzhou has embraced the opportunities for the implementation of multiple national strategies such as the Belt and Road Initiative, the Yangtze River Economic Belt, and the Regional Integration of the Yangtze River Delta. This provides a broader stage for the SICT to play its role.

Xu said that the SICT will take the requirements of the “Belt and Road” construction, higher-level opening up and the development of the Suzhou Area of China (Jiangsu) Pilot Free Trade Zone into consideration, implement a boutique strategy for foreign-related commercial trials, and strive to provide inclusive, equal, convenient, efficient, intelligent and accurate judicial services for Chinese and foreign parties, and explore the establishment of a one-stop international commercial dispute settlement mechanism to provide stronger judicial guarantees for building a new higher-level open economic system in the region.